With many of Canada’s small institutional brokerages fighting to stay alive, the stage is set for sector consolidation to fend off a further slowdown in business and to take advantage of any turnaround.

Edgecrest was formed last summer by a group of industry veterans led by well-known Canadian investment banker David Beatty. By taking over Stonecap’s 300 institutional investor clients in Canada, the U.S. and Europe, Edgecrest assumes an established sales and trading business in one fell swoop to challenge rivals. Accomplishing the same by hiring one person at a time would be a lengthy process and could put the firm at risk of losing out on potential near-term business. Read More »

The latest departure is David Fleck, head of Macquarie Group’s Canadian investment bank, people familiar with the matter told The Wall Street Journal. Mr. Fleck, who is based in Toronto, left Macquarie’s Canadian investment bank to pursue other opportunities, one of them said. Mr. Fleck’s departure comes just over two years after he took the firm’s helm in May 2011.

Mr. Fleck couldn’t be reached for comment.

Macquarie has named Dan Cristall, who heads up its oil and gas investment-banking business from Calgary, and Toronto-based Alex Rothwell, head of the dealer’s Canadian equities business, as co-heads to replace Mr. Fleck, the people familiar with the matter said. Read More »

About Canada Real Time

Canada Real Time provides insight and analysis into what’s making news in Canada, a country punching above its weight on the world stage thanks to its vast resources and strong banking sector. Drawing on the expertise of The Wall Street Journal and Dow Jones Newswires, we take a look at developments in fields ranging from business to politics to culture. You can contact the editors at canadaeditors@dowjones.com